Under 55

Project Description

New UK pension regulations came into effect on 6 April 2015 as part of the ‘Freedom & Choice in Pensions’ legislation.

The main changes which is causing difficulties for Australian QROPS/ROPS funds has been the UK Pension Age Test, which states that no one aged below minimum pension age of 55 years can access their retirement benefits, except in the exceptional circumstance of severe ill health.

Unfortunately once the updated QROPS/ROPS listing was published in July 2015 MRC withdrew all (public offer) Australian fund on the QROPS/ROPS list. The removal by HMRC was due to Australian statutory law allowing for payments of superannuation to people under the age of 55 to be paid in certain circumstances – in addition to severe ill health – (e.g. severe financial hardship).

HMRC’s viewed that the statutory law could take precedence over trust law (governing the amended trust deeds of many Australian schemes).

At this stage no UK Pensions are transferable to Australia for individuals under the age of 55.

Other Options

If you are dissatisfied with the performance of your current UK pension arrangement you may wish to consider a transfer of these benefits to an alternative fund in the UK.

By transferring to an alternative pension arrangement in the UK will give you a greater degree of flexibility and control of your retirement benefits.

You do not have to wait until you are aged 55 to transfer your UK Pension you can take control of your retirement sooner. We at TWA have a solution tailored to meet your needs.

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Testimonials

Dear Simon, I am writing to thank you for taking over as our Financial Advisor when we were facing financial losses due to unwise advice from the former Firm servicing us. Through your attention to our needs we were able to receive back our entire investment in a property project that ultimately went bust.

Jack Hanover, Josock ltd CEO

I received some bad news after a health checkup and went about making a claim with Simon’s help. We struck some significant hurdles initially with the insurers and it looked like my claim was going to be declined. Simon assisted me to make a case as to why they should reconsider their initial assessment. Ultimately my claim was successful but without Simon’s support and constant follow up with the insurers I’m not sure I would have got the result

Shane Smith

Dear Simon, I am writing to thank you for taking over as our Financial Advisor when we were facing financial losses due to unwise advice from the former Firm servicing us. Through your attention to our needs we were able to receive back our entire investment in a property project that ultimately went bust. Your helpful counsel has led us into wise investments that have preserved our threatened capital and maintained our income stream. Your availability, virtually on call, is most reassuring and your personal visits make our life as elderly citizens so much easier. We are most grateful for your service and feel confident about the future direction of our Fund. Sincere regards

Adrienne and Max Walters

Once again we are at that time of the year when we reconcile our portfolio.
We are obliged to say “well done” – perhaps a little conservative at times but the end result is what counts and we are both pleased.

Graeme and Wendy Wheildon

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Boxodosh Pty Ltd ATF Boxodosh Trust & JRS Cooper Pty Ltd ATF Cooper Family Trust in Partnership trading as TWA Advisory is a Corporate Authorised Representative of Resolute Financial Advisory Pty Ltd (AFSL 436967)
General Advice Warning; This information is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different and you should seek advice from a financial planner who can consider if the strategies and products are right for you.